September 18, 2020

SEC wants to completely close the TON project

SEC wants to completely close the TON project

The US Securities and Exchange Commission (SEC) asked the federal court not to decline her request for preliminary injunction against Telegram.

Telegram presented its answerto the US regulator, which states that Gram tokens are not securities. Therefore, the SEC ban on launching the Telegram Open Network (TON) is unreasonable.

Under the token purchase agreement, the TON networkshould have earned October 31st. However, after a lawsuit, Telegram was forced to postpone the launch of the network until April 31, 2020. Investors can either wait for the planned release, or return 77 percent of their money.

However, SEC representatives call thisa five-month postponement of “unacceptable”. The regulator believes that Telegram will again break the law if it is given the opportunity to distribute its tokens.

In addition, the SEC states that Telegram’s argument aboutthat the ICO is not an offer of securities is not convincing enough. US District Judge P. Kevin Castel, who runs the case, has not yet expressed his position.

According to the materials u.today